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Panasonic Closing Plants, Cutting 560 Jobs

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For all that Panasonic is consistently churning out great and interesting products (the ToughBook CF-H1 being a prime example, the company isn't resistant to the effects of the recession as 560 employees in Asia and two manufacturing plants in that region are finding out.

The restructuring will see an electronics parts factory close in Malacca, Malaysia, taking 500 employees with it with a battery plan in the Philippines accounting for the remaining 60 losses. Two further plants in Malaysia will be merged by September, although no jobs will be cut as a result.

According to Panasonic's Akira Kadota, these moves will help Panasonic "cope with a rapid change in the global electronics market." Panasonic is, in fact, partly responsible for that "rapid change," thanks to its takeover of Sanyo.

Rumour has it that Panasonic will be see a ¥100 billion (~£776 million) loss this financial year, it's first in six years - although the company itself won't comment either way.

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